In this year, the net premiums collected have managed to maintain a constant and sustained growth; until the month of October they have an accumulated growth of 12.8%
The insurance sector in Dominican Republic It will end 2022 with around 88 billion pesos in net premiums collected, with a growth of more than 12%.
By offering these figures, the superintendent of insurance, Josefa Castillo RodriguezHe said that the fastest growing sectors are health and vehicle insurance. He said that in 2023 the sector has the challenge of obtaining the approval of a reform to the Law 146-02 on Insurance and Bonds of the Dominican Republic, the draft of which has already been prepared together with trade union entities and area experts and will be delivered to the Executive Branch.
“God willing, for next year we will have a new Insurance Law, with greater strengthening of the regulator, a possible law and capable of being applied,” he said.
He stressed that this sector has succeeded in the midst of the crisis generated by the pandemic and the effects of the war between Russia and Ukraineor other adverse external factors.
Also as a result of risk-based supervision and macroeconomic measures that the president has taken Luis Abinader.
Throughout the current year, the net premiums collected have managed to maintain a constant and sustained growth, reaching a cumulative variation of 12.8% up to the month of October over the same period of the previous year.
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The net premiums collected are RD$79,402,114,360, while in 2021 they were RD$70,393,677,485.
Regarding the lines of business, the greatest relative growth has been in Cargo Transportation insurance, which has grown 40.3 percent, followed by the lines of Maritime and Air Vessels, Collective Life and Bonds, which have increased by 35.7 percent, 19.4 % and 18.1 percent respectively.
Conversely, the only branch that has not presented growth during the year has been Agricultural and Livestock insurance, which presents a decrease of 1.8% compared to the same period of the previous year.
Castillo Rodríguez reported that the entity has in the portfolio the development of two projects, including an awareness campaign on the importance and benefits of insurance, to bring insurance issues to schools.
He explained that the campaign will cover universities, with the purpose of making them aware of the need to be insured against risks.
He also specified that the second project consists of launching a magazine with the history of insurance in the country aimed at highlighting the contributions of the female gender in the insurance sector.
